LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global online hyperlocal services market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Poonam Saini, a lead analyst from Technavio, specializing in research on retail goods and services sector, says, “Offering value-added benefits to the consumers is one among the major strategies adopted by the service providers in the global market. This helps them build their competitive stand and brand differentiation in the market.”
The global online hyperlocal services market is estimated to grow at a CAGR of almost 37% during the forecast period. Online hyperlocal services for individual users will likely dominate the market, while online hyperlocal services for commercial users will eventually garner attention, consuming a generous share of the online hyperlocal services market for individual users during the forecast period.
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The top three emerging trends driving the global online hyperlocal services market according to Technavio research analysts are:
Importance of logistics services providing potential growth opportunities
The demand for logistics services from individual and commercial levels is gaining significant importance globally. At the individual level, consumers at present demand to avail logistics services through apps and web portals. Consumers currently can book cars for their personal or work related trips.
“The demand for hyperlocal service enterprises at the commercial level is also increasing. In both developed and emerging markets, different organizations are currently tying up with online logistics service providers to provide cab services to their employees,” according to Poonam.
Marketing and promotional activities for customer retention
With the presence of several local and few global online hyperlocal service providers, the global market is highly competitive. Marketing plays a pivotal role to set competitive advantages for the vendors to distinguish themselves from their competitors. Thus, to build a competitive stand in the market and to retain a strong customer base, global and local players need intense marketing and promotional activities.
All these marketing strategies enable the online hyperlocal service providers to build a strong customer base and customer retention policy. For instance, Delivery Hero is the leading online food ordering company that operates in the global market with different region-specific brands and their customized services.
Digital marketing trend and consumer engagement on social media platforms
Product and service visibility is considered one of the principal factors in the marketing strategy implemented by the online hyperlocal service providers. Service providers are adopting digital and social media marketing strategies as part of their marketing strategies to increase their service visibility and product assortment in online and in-stores retailing.
Hyperlocal service providers tie up with local retailers, restaurants, and other service providers to market their services. Currently, online hyperlocal grocery service providers are also partnering directly with the consumer packaged goods (CPG) manufacturers to deliver ordered products directly from the end of the manufacturers.
The key vendors are as follows:
- Delivery Hero
- Uber Technologies
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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